Definition of "Contingent deferred sales charge (CDSC)"

The charge deducted from the annuity for withdrawing purchase payments in excess of allowed limits or upon full surrender of the annuity contract.

The charge deducted from the annuity for withdrawing purchase payments in excess of allowed limits or upon full surrender of the annuity contract.

In certain classes of mutual funds, a charge is made against the net asset value of the fund if the fund is redeemed within a predetermined time period. This back-end sales charge generally is reduced each year that the fund is owned. These charges are generally waived if the fund is exchanged for a fund of the same issuer and the same class.